Nondestructive Testing Equipment MarketOpportunities andForecasts, 2014- 2022Pages: 210Published: 2016
NONDESTRUCTIVE TESTING EQUIPMENT MARKETThe nondestructive testing industry is undergoing rapid change and traditional NDT equipment are evolving in significant ways, providing new advantages and additional value to end-users. Maintenance optimization by various industries to ensure safety and efficient performance of the machines is driving the need for NDT equipment. The increasing cost and challenges involved in building new infrastructure has resulted in significant aging of existing infrastructure. In addition, a wave of consolidations and mergers has recently swept over the NDT industry.
Nondestructive Testing Equipment Marketreport, published by Allied Market Research, forecasts that the global market is expected to garner $3 billion by 2022, registering a CAGR of 9% during the period 2016 - 2022.
In the year 2015, North America contributed major share in the market, and is projected to continue its dominance throughout the forecast period.
NDT refers to the method of examining materials/components to detect the defects/discontinuity in component or material to avoid equipment failure.
In addition, it is used to ensure the safe utilization of engineering structures, product quality, and performance upon production.
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NONDESTRUCTIVE TESTING EQUIPMENT MARKET OVERVIEW
NONDESTRUCTIVE TESTING EQUIPMENT MARKET KEY BENEFITSThis report provides an in-depth analysis of the global nondestructive testing equipment market, along with current trends and future estimations to identify lucrative investment opportunities
Key drivers, opportunities, and restraints that impact the market are analyzed.
Porters Five Forces analysis highlights the potency of buyers and suppliers to facilitate better business decisions for stakeholders and strengthen their supplier and buyer networks.
Market estimation of geographical regions is based on the current market scenario and future trends.
IMPACT OF NONDESTRUCTIVE TESTING EQUIPMENT MARKET MARKET ON RAIL SYSTEM
In 2015, ultrasonic testing was the highest revenue-generating segment, accounting for almost 30% of the overall market size, and is projected to grow at a CAGR of over 7% during the forecast period.
Liquid penetrant testing is likely to grow at a remarkable CAGR of 11.5%, owing to their low cost and user-friendly approach.
Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of almost 11% during the forecast period.
North America generated the highest revenue in this market, followed by Europe and Asia-Pacific.
The U.S. is projected to maintain its lead in the NDT equipment market in terms of revenue generation until 2022.NONDESTRUCTIVE TESTING EQUIPMENT MARKET KEY FINDINGS
KEY PLAYERS IN INDUSTRYOlympus Corporation
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NONDESTRUCTIVE TESTING EQUIPMENT MARKET MARKETSEGMENTATION
NONDESTRUCTIVE TESTING EQUIPMENT MARKET BYGEOGRAPHY
North America, Europe, Asia-Pacific, LAMEA
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